The Perfect Valentines Gift: Life Insurance?
February 10, 2016
Flowers and dinner reservations are great in the moment for Valentine’s Day, but as you grow together be sure to also give your valentine some peace of mind. Life insurance provides your family with protection and comfort through the different stages of your life. From starting a family to buying a new home, you should review your coverage regularly and consider the best options to protect your family from unexpected tragedy. What better gift can say I love you to your valentine this holiday weekend?
Term life insurance is the least expensive form of insurance, it provides protection for a specific period of time such as 10-30 years. Depending on your family circumstances this kind of insurance often makes the most sense because it allows you to maximize the benefit you can afford. If you have young children, term life insurance is often a great choice to provide for your family’s lifestyle during the years your children are under your roof and being educated. Once they are launched for life, you probably no longer need to insure for their care.
We generally recommend term life insurance for most of our clients. A permanent life insurance policy, however, does provide you with an unending benefit throughout your lifetime to secure your spouse or children that may need lifelong support. Permanent life insurance is typically more expensive partly due to the investment component in the policies. Premiums tend to be higher and the investment component oftentimes carries high hidden costs. Because it often builds cash value, however, you can usually access the value of the policy during your lifetime. Permanent life insurance policies can also provide ready liquidity for estate taxes or other end of life needs. For these reasons, a permanent policy may be a fit for some families.
Valentine’s Day only comes once a year and it’s a wonderful time to remind your significant other how much you love them. Why not use this loving time of year to also review how well you are securing the future for the ones you love?